The $838 billion Norwegian Government Pension Fund parted ways with nine of its external fund managers last year, while taking on its first new external fixed-income managers since 2011 after a tough year in the asset class.

The Government Pension Fund, one of the world's biggest sovereign wealth funds, is financed by Norway's oil reserves. It grew from $636 billion to $838 billion last year, largely as a result of strong equity market returns.